Market Insight
Tony Jordan
27 June 2023

Market Insights 27/06/2023


After a bullish start to the Mondays session, likely reacting to events in Russia over the weekend, the bears took control during the course of the afternoon to slowly erode the early gains.

Not much to report besides what has already been said in recent weeks. The market retains an undertone of nervousness and will react to any potential news.

Yesterday saw the TTF July contract settle at €31.98 (from €32.51) and the NBP July contract at 79.73p (from 80.28p).

Norne remains on unplanned outage this morning and we see a flow level at 233mcm from Norway (232). Russian nominations showing Velke Kapusany at 36.8mcm (36.6) and Sudzha at 41.7mcm (41.4). Nord Stream remains unavailable. Gas storage showing at 76.16% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 2.

This morning we see the July TTF contract at €32, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF July €32, Winter €49 (vs €32 and €50)
Curve NBP July 80p, Winter 128p (vs 80p and 130p)
UK Gas NBP spot 84p (from 91p).
UK Power DA £91 (from £83).

UK power prices show the UK July Baseload contract at £88 (£90) and Winter at £127 (£129).

In other areas of the market Brent Oil is at $74 ($74) and EUAs are at €86 (€88). Henry Hub is at $2.79 ($2.73) and JKM is at $11.79 ($11.84) with TTF Equiv of $10.23 ($10.38).

Numbers in brackets show the previous reports value.